Financial Reporting Council of Nigeria (FRC)

Vice Chairman, Lagos State Branch of Estate Rent Commission Agent Association of Nigeria(ERCAAN)Mr. Ikwuagwu Emeka George has thrown his weight behind the new Lagos State Tenancy Law.

The law makes it unlawful for a landlord or his agent to demand or receive from a tenant over three months rent. It also makes it unlawful for a tenant to offer or pay rent in excess of three months.

It is unlawful for anyone to receive or pay such rent. It attracts a fine of N100,000 or three months’ imprisonment.

The law came into being as a result of complaints by tenants who decry the high cost of rents in the state.

George said the government can only succeed if it builds low cost houses and supply same to the market to accommodate more people. He asked that the government to work with his colleagues because of their closeness to both the landlords and tenants.

He canvassed the reduction of cost of property registration and other charges, saying they add to the cost of building.

The challenge posed by Omoniles should also be checked as they frustrate private sector participation in housing construction, he added.

He said if the charges are reduced, the cost of accommodation will be reduced.